The Decline of Single-Family Permits
Again, building permits have been weak this year, mainly due to a decline in the single-family housing segment. single???family permits rose just 0.4% to a rate of 813,000 units in June.
I recognize the block that the single family zoning picture depicts – it’s the 3200 block of NW Market St, where 10 single family homes are surrounded on three sides by multifamily, and where the majority of residents have been begging the city to upzone those last ten homes to LR-1 or LR-2 consistent with the property all around them since 2015.
Starts, permits, and completions are down across the board as. Singlefamily housing starts in September were at a rate of 871,000; this is 0.9.
1.21m) after downwardly revised 1.268m pace in prior month; Multifamily home starts fell 15.2%; single-family declined 0.9%; Permits, a proxy.
Over the first five months of 2019, the total number of single-family permits issued year-to-date nationwide reached 342,116.
· Single family permits in the area increased 5.7 percent YoY from 635 in 2017 to 671 in 2018. Housing starts were also on the rise as they increased 4.4 percent from 646 to 674. New construction sales in the Mobile metro area, however, decreased.
Western region had the highest growth in single-family (12.4%) while South recorded the highest multifamily permits growth (13.6%) during the last 12 months. Between August 2017 YTD and August 2018 YTD, 32 states saw growth in single-family permits issued while 18 states and the District of Columbia registered a decline.
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The second straight monthly decline in homebuilding reported by the Commerce. the lowest level since September 2016. Permits to build single-family homes dropped 1.1 percent to a rate of 808,000.
· Building permits fell 6.1% to a rate of 1.220 million units, the lowest level since May 2017. Permits are weak this year, with the decline concentrated in the single-family housing segment. In light of recent reports from Federal Reserve Chairman Jerome Powell, it appears that the Federal Reserve plans to cut interest rates this month, the first time in a decade.
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Over the first two months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 116,189. On a year-over-year basis, this is a 6.2% decline over the february 2018 level of 123,871. Year-to-date ending in February, single-family permits reported growth only in the Northeast region of the country.